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Tuesday, December 13, 2011

CME Executive Chairman Terry Duffy has testified that a female MF Global employee told the CME that Jon Corzine was aware of a $175 million loan using customer rehypothecated funds days prior to MF Global's bankruptcy.
Herein lies a slight problem for the "Honorable" Corzine, who happened to testify today under oath that he wasn't aware of the commingled funds until Sunday night, hours before the official bankruptcy filing. It gets better:Duffy has claimed that Corzine told the CME to stop searching for the segregated client funds!!

While stealing $5-$10 billion in client funds obviously has approximately 0% risk of earning one a prison sentence, just ask Barry Bonds what happens when you fib under oath and get caught.

This reeks of the CME attempting to paint Corzine and MFG as the scapegoat, in order to prevent the CME from having to pony up the cash to make good on the MFG client accounts.
When the sharks start turning on the other sharks, the looting of the system is almost complete.

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